Take Test -
1. R3.16 A life insurance can only be made paid up only if..........
All premiums are paid
Sum Assured is high
There is savings element
2. 5.50 A low persistency ratio for the insurance company means that:
The company is acquiring more business and new customers
A large numbers of policies have lapsed / surrendered resulting in loss of profit
The company will not declare bonus
The customers are satisfied with the products
3. JN85. Smitha has decided to invest Rs. 10000/- every year in ULIP and have decided to invest the same amount in PF in order to get IT exemption in 80C. In this view which of the following is correct?
Both the investments have same impact.
In ULIP IT exemption u/s 80C is not available.
PF is also not eligible for IT exemption u/s Sec. 80C.
Both are taxable as per Income tax Act 1961
4. JI25. Net premium is equal to
Premium plus interest earning
Risk premium plus interest earning
Premium minus interest earning
Risk premium minus interest earning
5. 3.27 Agent who is a licensed intermediary is actually is ?
A legal person to act on behalf of the contract
A legal person to act on behalf of the insurer
An authorized agent to act on behalf of the legal company
legal person to act on behalf of the re-insurer
6. KB3. Manoj has taken an insurance plans from A company. But he purchased the annuity from B company. Which feature of pension plan reflects here?
Open market option
7. 5.2 After maturity In a Unit Linked Life Insurance Policy, customer does not get maturity amount in a lump sum. What is the possibility of receiving it in installments if it is not a annuity plan?
He has opted for Settlement option
He has redirected his past premium
Policy was lapsed on the time of maturity
He has switched his fund
8. 144. The primary object of Fact Finding is............
Giving comparison to customer
Need Identification of customer
To provide regulation information
To do the audit of customer
9. r9. Insurance provide protection against losses due to ................
a. Natural events
b. Human made events
c. None of above
d. All the above
10. 3.33. Which one of the following is not a benefit of persistency
Helps the client in achieving goals
Reduction in costs
Increased client satisfaction
11. 3.46 What is the maximum Time in which The insurer should settle a claim when all documents are submitted
12. 642 Payment/Investments in Kishan Vikash Patra under post office schemes
Regularly with no fixed term
Lump Sum for fixed period of time
Regularly for fixed period of time
Lump Sum with no fixed term
13. ON26. The benefit illustration document show the growth rate of 6% and 10% as assumed by-------
Life Insurance council
14. 5.4 Anumod received post taxation 5% return on his fixed deposit in a bank. If his net return is 3%, what can be the reason ?
15. s26. Insurance business provides benefits to .....
16. 21. To become an Agent one has to..................
To submit necessary forms only
To pay necessary fees
To undergo prescribed training & pass the examination
All the above steps
17. r34. When a prospect says he is insured what an agent should do?
he should force him to buy something from him
he must call his manager to convince the prospect
he should offer some additional benefits
he should ask him more about his existing insurance
18. R8. Buying insurance is an act of .................
a. Risk transfer
b. Risk retention
c. Risk minimizing
d. Risk clearance
19. 634 How are perils and hazards normally distinguished under term insurance policies?
Perils are medical factors which influence the risk of dying and hazards are lifestyle activities which influence the risk of dying.
Perils are risks that policyholders will die before a specified date and hazards are factors which could influence that risk
Perils are factors which affect the risk being insured and hazards are the size of the risk being insured.
Perils are factors which could influence an insured event occurring and hazards are the actual events which will trigger a payout
20. 613 Joy and John both are unmarried. Ajay has dependant Parent. Which need Ajay must take care of on priority, although that will not be a priority for Vijay?
Health insurance for parents
21. 5.21 Pooling of insurance applies to
All types of insurance except Motor insurance
Only life insurance
Only Non-life insurance
all types insurance
22. R3.44 Mr. Suresh dies before the grace period is over without paying the premium, what is the claim payable
Sum Assured less the due premium
All premiums paid
23. r2. Which of the following falls under voidable contract?
Lack of insurable interest
None of the above
24. KB22. Under which circumstances the SA of a ULIP policy reduced later?
Share market down
Under no circumstances
25. a27. Policy holder has choice for making complaint to
IRDA Grievance cell
Grievance Redressal System
26. KB10. Mr. Biju has 30,00,000 in his pension fund. He commutated 10,00,000. What is the tax implications?
Commuted amount is taxable, annuity is non-taxable
Annuity is taxable, commuted amount is non-taxable
Both are taxable
Both are non-taxable
27. 643 Rakesh wants to buy a policy primarily for Risk Cover but at the end of the term he wants to get at least some return. Under which policy he will get these benefits
Whole life plan
28. EX16. In a life insurance policy it is later found that the person doesn’t have insurable interest then the contract is
29. Z12. What is paid by the insurer when the policyholder decides to discontinue the policy?
30. R13. Re-insurance deals.............
Human life risk
Cattle life risk
other Insurance company's risk
31. R31. why as an agent is it essential for you to carry out the financial planning exercise with the prospective clients
Individuals understand their real needs and can prioritize them
Individuals have same financial needs at different stages of the life cycle
Individuals do not understands their real needs and cannot prioritize them
Individuals’ real and perceived needs are same
32. 3.42 If a person is absconding then after how many years will he be considered as dead & SA paid to the nominee.
33. a26. Who will take the initiation to settle the maturity claim process?
34. 170. An indemnity bond was signed when the claim was paid. This indicates that the policy…..
Was paid up.
35. 5.36 In a pension plan illustration what are the parts which shows the benefit for an annuitant?
Guaranteed and non guaranteed part
36. 3.31 Amit & Rashmi are newly married. Both are working couple. They want to invest their savings of 100,000 annually to build corpus to make down payment for their house 5 years from now. An adviser sold them a unit link product to meet their requirement. This may result in
Ruining the long term reputation of company
Opportunity of new business for adviser
Bad reputation of the individual adviser.
Financial burden on the couple
37. KB16. If an insurance agent recommends estate planning for Rajeev, which life stage Rajeev belong?
Married young man
Married with kids
38. 5.38 The consequences of these risks which will affect specific individuals or local communities in nature is called as
39. KB12. Which of the following has weekly premium payment option?
40. EX7. Amit is looking for term insurance plan for protection of his family, he is advised to approach to:
41. 645 In the case of life insurance, insurable interest should exist
At the time of a claim
At the time of every renewal premium payment
All the above occasion
At the inception of the policy
42. sr1. Insurance helps...
Helps in planning for life stage needs
Develops the habit of saving
Provides protection of financial security
All of the above.
43. 11. Insurance are mainly divided into.............
Life – Non-life Business
Life – Non-life--- Re-insurance
cAbove both are correct
Above both are incorrect
44. 3.7. An agent should disclose the commission if ....
the commission is low
the commission is high
Customer asks for it
If customer not asks for it
45. 5.14 In which plan weekly premium payments are accepted
IRDA MOCK TEST
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